Government And Non-profit Accounting – acc460 (3 credits)
This course covers fund accounting, budget and control issues, revenue and expense recognition, and issues of reporting for both government and non-profit entities.
Environment of Government/Not-for-Profit Accounting
- Differentiate between a budget and a Comprehensive Annual Financial Report (CAFR).
- Describe how the modified accrual accounting basis differs from full accrual accounting.
- Compare and contrast governmental (GASB) and proprietary (FASB) accounting.
Fund Accounting Part I
- Explain the principles of fund accounting and revenue recognition.
- Explain how encumbrances affect expenses and expenditures on a governmental budget.
- Explain how governments account for capital projects and debt service funds.
- Differentiate between government-wide financial statements and fund statements.
Fund Accounting Part II
- Apply accounting procedures for recognizing revenues and other budgetary resources.
- Record interfund transfers.
- Prepare fund and internal service fund accounting entries.
- Prepare a financial statement for a governmental agency.
Overview of Not-for-Profit Accounting
- Differentiate between the revenue sources of not-for-profit organizations.
- Assess SFAS 116 and 117 and its impact on the financial statements.
Current Issues in Government and Not-for-Profit Accounting
- Explain how increasing scrutiny and demand for accountability by the public has impacted reporting for not-for-profit and governmental entities.
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